8X8’s (EGHT) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of 8X8 (NASDAQ:EGHT) in a report published on Monday, Benzinga reports. The brokerage currently has a $3.50 price objective on the stock.

A number of other brokerages have also commented on EGHT. Rosenblatt Securities reissued a buy rating and set a $4.00 price objective on shares of 8X8 in a report on Monday, March 18th. StockNews.com lowered 8X8 from a buy rating to a hold rating in a report on Friday, May 10th. Finally, Morgan Stanley decreased their price objective on 8X8 from $3.80 to $3.00 and set an equal weight rating for the company in a report on Wednesday, April 17th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of Hold and a consensus price target of $3.54.

8X8 Stock Down 1.8 %

EGHT stock opened at $2.76 on Monday. The stock’s 50 day simple moving average is $2.52 and its 200 day simple moving average is $2.95. 8X8 has a fifty-two week low of $2.12 and a fifty-two week high of $4.88. The company has a debt-to-equity ratio of 4.02, a quick ratio of 1.31 and a current ratio of 1.44. The company has a market cap of $340.64 million, a P/E ratio of -5.02 and a beta of 1.46.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The firm had revenue of $179.41 million during the quarter, compared to analyst estimates of $178.85 million. 8X8 had a negative return on equity of 7.40% and a negative net margin of 9.28%. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.03) EPS. On average, research analysts expect that 8X8 will post -0.07 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Samuel C. Wilson sold 13,740 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $2.66, for a total value of $36,548.40. Following the completion of the transaction, the chief executive officer now directly owns 1,022,288 shares of the company’s stock, valued at $2,719,286.08. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 32,289 shares of company stock valued at $81,979 over the last three months. Corporate insiders own 1.08% of the company’s stock.

Hedge Funds Weigh In On 8X8

Several institutional investors and hedge funds have recently bought and sold shares of the company. Virtus Investment Advisers Inc. bought a new position in 8X8 during the first quarter valued at $139,000. Invenomic Capital Management LP grew its holdings in 8X8 by 27.5% during the first quarter. Invenomic Capital Management LP now owns 2,649,022 shares of the company’s stock valued at $7,152,000 after purchasing an additional 571,245 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in 8X8 by 10.6% during the first quarter. Jacobs Levy Equity Management Inc. now owns 1,035,486 shares of the company’s stock valued at $2,796,000 after purchasing an additional 99,371 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of 8X8 by 3.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 120,035 shares of the company’s stock worth $325,000 after acquiring an additional 4,255 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in shares of 8X8 during the first quarter worth $97,000. 93.99% of the stock is owned by institutional investors.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.